Public Storage (NYSE:PSA) Stock Price Expected to Rise, Scotiabank Analyst Says

Public Storage (NYSE:PSA) had its price target increased by equities researchers at Scotiabank from $300.00 to $319.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the real estate investment trust’s stock. Scotiabank’s price objective points to a potential upside of 4.39% from the company’s current price.

A number of other research firms have also recently commented on PSA. JPMorgan Chase & Co. reissued a “neutral” rating and set a $301.00 price target (down from $316.00) on shares of Public Storage in a report on Thursday, December 18th. Morgan Stanley started coverage on Public Storage in a research note on Friday, December 5th. They set an “equal weight” rating and a $290.00 target price on the stock. Mizuho dropped their price target on Public Storage from $310.00 to $285.00 and set a “neutral” rating for the company in a research note on Friday, December 5th. The Goldman Sachs Group reiterated a “buy” rating and set a $330.00 price objective on shares of Public Storage in a research report on Friday, February 20th. Finally, Wells Fargo & Company downgraded shares of Public Storage from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $330.00 to $295.00 in a report on Thursday, February 5th. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and twelve have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $306.13.

Public Storage Stock Performance

Shares of NYSE PSA opened at $305.59 on Monday. The stock has a market cap of $53.63 billion, a PE ratio of 33.88, a price-to-earnings-growth ratio of 6.30 and a beta of 0.99. Public Storage has a 1 year low of $256.54 and a 1 year high of $322.49. The firm has a fifty day moving average price of $284.10 and a 200-day moving average price of $283.87. The company has a debt-to-equity ratio of 2.05, a current ratio of 0.75 and a quick ratio of 0.75.

Hedge Funds Weigh In On Public Storage

Institutional investors have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd raised its position in shares of Public Storage by 45,500.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 456 shares of the real estate investment trust’s stock valued at $118,000 after buying an additional 455 shares in the last quarter. Reflection Asset Management purchased a new position in Public Storage in the fourth quarter worth about $39,000. Tobam increased its stake in Public Storage by 1,706.1% during the fourth quarter. Tobam now owns 2,980 shares of the real estate investment trust’s stock worth $773,000 after acquiring an additional 2,815 shares during the last quarter. MidFirst Bank purchased a new stake in Public Storage during the fourth quarter valued at approximately $413,000. Finally, Astoria Portfolio Advisors LLC. lifted its stake in shares of Public Storage by 12.1% in the 4th quarter. Astoria Portfolio Advisors LLC. now owns 822 shares of the real estate investment trust’s stock valued at $213,000 after purchasing an additional 89 shares during the last quarter. Institutional investors own 78.79% of the company’s stock.

About Public Storage

Public Storage (NYSE: PSA) is a real estate investment trust (REIT) that specializes in self-storage services. Headquartered in Glendale, California, the company was founded in the early 1970s and has grown through development and acquisitions to become one of the largest owner-operators of self-storage facilities in the United States. It is publicly traded on the New York Stock Exchange under the ticker PSA.

The company’s core business is the ownership, operation and management of self-storage properties that serve both residential and commercial customers.